Indian Financial System Code and Magnetic Ink Character Recognition code better known as IFSC codes and MICR codes respectively are two of the most significant technological developments in the Indian banking space. All public sector banks as well as public banks now use fully computerized setups with online transactions and instant cheque clearance facility. The core of such instant financial transaction lies with both IFSC codes and MICR code. While IFSC code correspond to each bank branch acting like its unique code in the virtual world while MICR code printed on the cheque leaf carries information related to cheque clearance making financial transactions and payments through cheque instantly streamlined.
Understanding IFSC Codes:
IFSC code is a series of eleven digit special character code designed by the Reserve Bank of India to streamline online banking transactions. All online financial transfers, net banking, online purchase payments as well as NTFS and RTGS real time financial settlements take place using the IFSC code.
Let us take an example of Punjab National Bank located in Chanakya Puri New Delhi.
Likewise the branch of Punjab National Bank located in Panjim, Goa has a unique IFSC code of PUNB0292300.
Searching PNB Branches IFSC Codes:
Each bank branch of Punjab National Bank has its unique IFSC code as per RBI guidelines. The banks display their IFSC codes in each bank branch both inside the bank and outside the bank branch. Users can also get information about the IFSC codes of various PNB bank branches using the official website of Punjab National Bank as well as the Reserve Bank of India. BankBazaar.com, India’s most popular financial marketplace has offered another solution with its unique online search tool for IFSC codes. IFSC codes for any PNB bank branch can be looked online using the unique code finder tool. BankBazaar.com IFS code finder tool has an extensive list of other public sector and private banks apart from PNB allowing users to search various IFSC codes online using simple search tool.
Understanding IFSC Codes:
IFSC code is a series of eleven digit special character code designed by the Reserve Bank of India to streamline online banking transactions. All online financial transfers, net banking, online purchase payments as well as NTFS and RTGS real time financial settlements take place using the IFSC code.
- The first four characters of IFSC codes are alphabetic and correspond to the bank name.
- While the fifth character is reserved for future use by RBI.
- As of now the fifth character is always assigned the value numeric ‘0’.
- The last six characters correspond to the exact bank branch of the bank and are either numeric or alphabetic or both depending on the bank.
Let us take an example of Punjab National Bank located in Chanakya Puri New Delhi.
- The IFSC code of PNB Chanakya Puri is PUNB0173600.
- The first four characters of the code are PUNB correspond to the bank's name i.e. Punjab National Bank. The fifth character is numeric zero as per the RBI guidelines and reserved for future use.
- The last six characters are 173600 which correspond to the 22, Sardar Patel Marg, Chanakya Puri branch of Punjab National Bank in New Delhi.
Likewise the branch of Punjab National Bank located in Panjim, Goa has a unique IFSC code of PUNB0292300.
- The first four characters are alphabetical PUNB corresponding to the name of the bank i.e. Punjab National Bank.
- The fifth character of the code is 'o' as per RTBI rules.
- While the last six characters are numeric 292300 corresponding to the Panjim branch of Punjab National Bank located in Calisto Mansionn, Dr. Pissurlekar Road, Panjim in Goa.
Searching PNB Branches IFSC Codes:
Each bank branch of Punjab National Bank has its unique IFSC code as per RBI guidelines. The banks display their IFSC codes in each bank branch both inside the bank and outside the bank branch. Users can also get information about the IFSC codes of various PNB bank branches using the official website of Punjab National Bank as well as the Reserve Bank of India. BankBazaar.com, India’s most popular financial marketplace has offered another solution with its unique online search tool for IFSC codes. IFSC codes for any PNB bank branch can be looked online using the unique code finder tool. BankBazaar.com IFS code finder tool has an extensive list of other public sector and private banks apart from PNB allowing users to search various IFSC codes online using simple search tool.